Franklin Resources Inc. Purchases 99,464 Shares of Cummins Inc. (NYSE:CMI)

Franklin Resources Inc. raised its holdings in Cummins Inc. (NYSE:CMI) by 74.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 233,544 shares of the company’s stock after buying an additional 99,464 shares during the period. Franklin Resources Inc. owned about 0.17% of Cummins worth $79,017,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the business. Synovus Financial Corp grew its holdings in shares of Cummins by 1.5% in the third quarter. Synovus Financial Corp now owns 15,891 shares of the company’s stock valued at $5,146,000 after acquiring an additional 230 shares in the last quarter. Destination Wealth Management purchased a new stake in shares of Cummins during the 3rd quarter worth approximately $227,000. Wilmington Savings Fund Society FSB raised its holdings in shares of Cummins by 18.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company’s stock worth $1,616,000 after purchasing an additional 794 shares during the period. Pine Valley Investments Ltd Liability Co purchased a new position in Cummins in the third quarter valued at approximately $209,000. Finally, Stock Yards Bank & Trust Co. grew its holdings in Cummins by 1.8% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company’s stock valued at $1,648,000 after purchasing an additional 88 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.2 %

Shares of NYSE CMI opened at $366.95 on Tuesday. The stock has a market capitalization of $50.34 billion, a P/E ratio of 24.24, a PEG ratio of 1.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The firm’s 50 day simple moving average is $353.89 and its two-hundred day simple moving average is $314.56.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent research reports. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $352.85.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.